CNPC clinches US$3.29 bln UAE crude pipeline EPC contract

China National Petroleum Corp (CNPC), parent of the country's largest oil and gas producer PetroChina<601857><857>, has inked an engineering, procurement and construction (EPC) contract for a crude oil pipeline project with the United Arab Emirates' International Petroleum Investment Co, sources reported.

The US$3.29 billion worth of contract becomes the biggest-ever overseas engineering and construction project secured by China's top oil and gas producer, according to the report.

The 400-kilometer pipeline, with a designed capacity of 1.5 million barrels per day (bpd) and a maximum capacity of 1.8 million bpd, is expected to start operation at the end of 2010.